Bitcoin
is set to tread historical patterns after half and push toward a high peak in the second half, Investment Bank Standard Charter (Stan) said in a research report Wednesday.
Cryptocurrency’s price typically falls approx. 18 months after halving, a square event that slows down the growth speed of bitcoin supply. This time, structural support from institutional investors is expected to counter any such weakness, said Geoff Kendrick, head of Digital Assets Research at Standard Chartered.
“The Bitcoin twig cycle is dead,” Kendrick wrote.
The analyst repeated his forecast for the end of Bitcoin awards of $ 200,000 and said he expects the largest cryptocurrency to rise to about $ 135,000 by the end of the third quarter.
Strong influxes from Spot Bitcoin exchange traded funds (ETFS) And renewed demand for the corporate box, which combined amounted to a total of 245,000 BTC in the second quarter, is seen as key tribers and is expected to accelerate in the coming months, the report says.
Macro -tail Wind includes a possible early departure from Fed -Chairman Jerome Powell and progress with the US StableCOin legislation, both of which could burn up further, the report added.
Read more: US Strategic Bitcoin Reserve marks the milestone in Institutional Adoption: Gemini
